Ross 2010 Annual Report Download - page 47

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45
The aggregate future minimum annual lease payments under leases in effect at January 29, 2011 are as follows:
Residual
Operating Synthetic value Total
($000) leases leases guarantees leases
2011 $ 348,287 $ 5,705 $ 1,322 $ 355,314
2012 361,351 4,331 316 365,998
2013 324,852 1,714 56,183 382,749
2014 273,470 — — 273,470
2015 217,168 — — 217,168
Thereafter 447,547 — — 447,547
Total minimum lease payments $ 1,972,675 $ 11,750 $ 57,821 $ 2,042,246
Total rent expense for all leases was $360.4 million in 2010, $336.5 million in 2009, and $325.9 million in 2008.
Note F: Taxes on Earnings
The provision for taxes consisted of the following:
($000) 2010 2009 2008
Current
Federal $ 329,723 $ 242,111 $ 152,833
State 30,478 17,548 13,285
360,201 259,659 166,118
Deferred
Federal (11,139) 13,417 23,621
State (6,838) 2,696 183
(17,977) 16,113 23,804
Total $ 342,224 $ 275,772 $ 189,922
In fi scal 2010, 2009, and 2008, the Company realized tax benefi ts of $15.4 million, $8.6 million, and $8.5 million, respectively,
related to employee equity programs that were credited to additional paid-in capital.
The provision for taxes for fi nancial reporting purposes is different from the tax provision computed by applying the statutory
federal income tax rate. Differences are as follows:
2010 2009 2008
Federal income taxes at the statutory rate 35% 35% 35%
State income taxes (net of federal benefi t) and other, net 3% 3% 3%
38% 38% 38%